However, alongside these new titles, PS5 and Xbox Series X owners will still be able to play the majority of the recent Xbox and PlayStation games on their shiny new console, thanks to Backwards Compatibility.
There's just one problem. With so many games available, where do you put them all?
How to increase storage on PS5
The PS5 already boasts a whopping 825GB of SSD, which is nothing to complain about. However, for those of you playing some of the most storage-hogging games (I'm looking at you, Call of Duty: Modern Warfare), this could run out within a few months given the number of exciting titles coming to the PlayStation 5 in the future.
To increase the base SSD of the PS5, you'll need to buy a compatible NVMe SSD drive. The word compatible, however, is key here. The PS5 will only support a certain type of NVMe SSD given its complexities. Sony has yet to announce or confirm which SSDs will work with its new console, although Western Digital previously advertised that its recent SN850 PCIe Gen 4 M.2 NVMe SSD will work with the PS5.
Until we know for sure, however, the easiest way to increase your PS5's storage is to use an HDD. While an external HDD will not work with or hold PS5 titles, you can use it to hold Backwards Compatible titles from the PS4.
These games won't benefit from running on an SSD, however, although this could be rectified by transferring games to and from the SSD when necessary. This process is drastically quicker than having to re-download a game, for instance.
How to increase storage on Xbox Series X and Xbox Series S
The Xbox Series X comes with 1TB of SSD storage, compared to the Xbox Series S' 512GB of SSD storage. With Xbox Game Pass offering subscribers hundreds of titles for no extra cost, you could easily fill your new Xbox's storage in a matter of hours, depending on your internet.
Currently, the only way to increase your Xbox Series X storage is to buy the official Seagate 1TB Expansion Card, priced at £219.99, which releases on the same day as the new Xbox - November 10. This card can simply be plugged into the back of the Xbox, and will work in the same format as the internal SSD - meaning gameplay won't suffer.
Xbox has also promised different variants of this storage card are coming in the future.
Aside from the external SSD, an external HDD is easily the best way to store Xbox One games you intend to play on the Xbox Series X. HDD storage is cheaper than SSD storage by a considerable amount, and can be used to temporarily store Xbox One games before transferring them to the Xbox' Series X's SSD to make use of the benefits.